A popular crypto trader says that a slumping memecoin could witness a colossal move to the downside after violating a key support level.
Crypto analyst Ali Martinez tells his 57,700 followers on the social media platform X that the frog-themed meme asset Pepe (PEPE) is “preparing for its next move” amid its recent price woes.
“Watch out for a daily close outside of the $0.00000793 – $0.00000664 range, which could lead to a 54% move for PEPE.”
At time of writing, PEPE is trading for $0.0000058, well below the analyst’s support level at 0.00000664. A 54% correction from the Martinez’s support could take PEPE to as low as $0.000003.
The meme asset’s slump continued as Coinbase International Exchange added support for PEPE perpetual futures on Thursday. The top US crypto exchange’s international arm first received the green light to offer perpetual digital asset futures to investors outside the United States last September.
In addition to Pepe, Coinbase International Exchange also recently rolled out perpetual futures support for Sam Altman’s controversial, identity-focused digital asset project Worldcoin (WLD), as well as ORDI (ORDI), crypto project that aims to bring non-fungible token (NFT) capabilities to the Bitcoin (BTC) blockchain.
Pepe set its all-time high of $0.00001064 on March 14th, according to CoinGecko.
Moving on to the crypto king, Martinez notes that if BTC were to jump to $71,700, $23 million could be liquidated from Binance, the world’s largest crypto exchange platform.
Bitcoin is trading for $67,045 at time of writing, a nearly 6% decrease during the last 24 hours.
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